News

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Egypt’s Foreign Currency Reserves Rise to $US 26.3 Billion

Stock photograph

Egypt’s net foreign currency reserves continue to rise, reaching $US 26.363 billion at the end of January, announced the Central Bank of Egypt (CBE) over the weekend.

According to CBE, Egypt’s foreign reserves increased by more than $US 2 billion. At the end of December, the reserves stood at $US 24.265 billion.

The continued increase comes after the International Monetary Fund (IMF) sent Egypt the first $US 2.75 billion of a $US 12 billion loan.

After being granted the loan, Egypt floated the currency per the IMF’s recommendations.

Since the currency was floated, the EGP has reached a high of EGP 19.00 per USD 1.00 and continues to fluctuate.

Egypt’s foreign exchange reserves prior to the 2011 revolution amounted to around USD 36 billion, before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.

Egypt Hails Trump Criticism of Western Media Coverage of Terrorist Attacks
Egypt Military Kills 14 Terrorists in Central Sinai

Subscribe to our newsletter


News

More in News

Over 180 Jews Fly in to Celebrate ‘Shabat’ at Recently Restored Alexandrian Synagogue

Egyptian StreetsFebruary 17, 2020

Egypt’s Music Syndicate Bans Popular Mahraganat Music

Egyptian StreetsFebruary 17, 2020

European Parliament President Calls for Release of Student Activist Patrick

Egyptian StreetsFebruary 16, 2020

#DaughtersOfTheNation: Voices From the First Ever Women’s March in Iraq

Mirna AbdulaalFebruary 15, 2020

Breaking: Egypt Reports First Case of Coronavirus

Egyptian StreetsFebruary 14, 2020

In Pictures: Snow Covers Baghdad for the First Time Since 2008

Egyptian StreetsFebruary 14, 2020

Egypt’s Aswan Women Film Festival: Blending Creativity With Women’s Activism

Mirna AbdulaalFebruary 13, 2020

Egypt’s Population Hits 100 Million: CAPMAS

Egyptian StreetsFebruary 11, 2020